Crypto Holds Steady Amid Inflation & Election Buzz

Produced by Daniel Aharonoff & Mogul Media AI -

Crypto Markets Hold Steady Amid Inflation Data

The crypto market remained relatively calm this morning despite the release of July inflation data, which showed a slowdown to 2.9% year-over-year. This figure, the lowest since 2021, aligns with Wall Street expectations and likely keeps the Federal Reserve on track to cut interest rates next month.

This news follows a similar trend seen yesterday with the producer price index, which also came in cooler than anticipated.

Goldman Sachs’ Bitcoin ETF Holdings

In a significant development, Goldman Sachs revealed its holdings of over $400 million in Bitcoin ETFs for clients. The investment bank disclosed this information in its latest 13F filing, a quarterly report institutional investors are required to submit to the Securities and Exchange Commission (SEC) to disclose all their U.S. holdings.

Goldman Sachs’ largest Bitcoin ETF holding was in BlackRock’s iShares Bitcoin ETF, with a value of approximately \(238.5 million. This was followed by Fidelity's FBTC fund at \)79 million, Invesco and Galaxy’s BTCO at \(56 million, and Grayscale's GBTC at \)35 million.

Talon Energy’s Pivot from Crypto

Energy provider Talon Energy may be shifting focus away from cryptocurrency as it prioritizes the growing electrical needs of artificial intelligence (AI). During its second-quarter earnings call, CEO Mark McFarland emphasized the importance of data centers to the company’s future, citing the increasing demand for power at high-powered computing sites.

When questioned about the company’s crypto aspirations, Farland stated that Talon no longer believes cryptocurrencies are a “strategic asset.” This marks a departure from the company’s previous partnership with crypto miner TeraWulf to run a nuclear-powered crypto mine in Pennsylvania. Notably, Reuters reported on August 1st that Talon is seeking to sell its 75% stake in this mine.

Crypto’s Political Influence

The upcoming U.S. presidential election is increasingly shaping up to be a battleground for crypto, with both Republican and Democratic candidates vying for the support of a burgeoning voter base.

Brian Estes, Chief Investment Officer of Off the Chain Capital, highlights the significant influence crypto could have on the election, given the estimated 50 million Americans who own Bitcoin and other digital assets.

  • Republican Candidates: Donald Trump, the Republican Presidential nominee, has expressed pro-crypto sentiments and his campaign even began accepting cryptocurrency donations in May.
  • Democratic Candidates: While Vice President Kamala Harris’ team has been reaching out to crypto experts to gain a better understanding of the industry, she has yet to publicly announce a specific crypto policy.

Estes believes that crypto is likely to be a significant talking point in the election, particularly as it becomes more mainstream and its adoption continues to accelerate.

Crypto’s Growing Influence

The increasing prominence of crypto in both the financial and political spheres underscores its growing influence. With its potential to disrupt traditional financial systems and empower individuals, it is poised to play a major role in the years to come. The documentary “God Plus Bitcoin,” produced by Estes, further underscores this trend, aiming to educate a wider audience on the benefits and potential of Bitcoin and other cryptocurrencies.

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